Nike Stock at Decade Low as Insider Buying Signals Possible Bottom
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Nike's stock has fallen to a decade low after a 76% drop from its 2021 high, with China sales projected to decline 20% due to local competition. Insider buying by board members, including Tim Cook, signals potential confidence in the stock's bottom.
Nike's stock has plummeted to its lowest level in over a decade, trading between $42 and $46 per share. The decline represents a 76% drop from its 2021 all-time high of $179.10. China sales are projected to drop 20% as local brands like Li-Ning gain market share. Converse, Nike's lifestyle subsidiary, recorded a 35% revenue plunge, indicating a broader loss of cultural relevance. Nike's board members, including Tim Cook and Bob Swan, have purchased a combined $3.5 million in Nike shares, signaling confidence at decade lows. The stock's monthly RSI has reached its most oversold reading since the company went public, with a potential long-term support area between $35 and $42 being watched.
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